Common use of ANNUAL DIRECT SALARY Clause in Contracts

ANNUAL DIRECT SALARY. As compensation for services rendered, the Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of not less than $100,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the Bank. In no event shall the Annual Direct Salary be decreased. These Amendments supercede any and all Amendments, either oral or in writing, between the parties with respect to Subparagraphs 1 and 4(a) of the Agreement. This Amendment and the Agreement contain all of the covenants and agreements between the parties with respect to the employment of the Executive by the Corporation and the Bank. All of the remaining recitals and paragraphs of the Agreement are hereby reaffirmed, reratified, and reapproved by the parties hereto.

ANNUAL DIRECT SALARY. As compensation for services rendered, the Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of not less than $100,000 110,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the Bank. In no event shall the Annual Direct Salary be decreased. These Amendments supercede any and all Amendments, either oral or in writing, between the parties with respect to Subparagraphs 1 and 4(a) of the Agreement. This Amendment and the Agreement contain all of the covenants and agreements between the parties with respect to the employment of the Executive by the Corporation and the Bank. All of the remaining recitals and paragraphs of the Agreement are hereby reaffirmed, reratified, and reapproved by the parties hereto.

ANNUAL DIRECT SALARY. As compensation for services rendered, the Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of not less than $100,000 130,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice of the Bank. In no event shall the Annual Direct Salary be decreased. These Amendments supercede any and all Amendments, either oral or in writing, between the parties with respect to Subparagraphs 1 and 4(a) of the Agreement. This Amendment and the Agreement contain all of the covenants and agreements between the parties with respect to the employment of the Executive by the Corporation and the Bank. All of the remaining recitals and paragraphs of the Agreement are hereby reaffirmed, reratified, and reapproved by the parties hereto.

ANNUAL DIRECT SALARY. As compensation for services rendered, rendered the Bank under this Agreement, the Executive shall be entitled to receive from the Bank an annual direct salary of not less than $100,000 140,000 per year, (the "Annual Direct Salary") payable in substantially equal monthly installments (or such other more frequent intervals as may be determined by the Board of Directors of the Bank as payroll policy for senior executive officers) prorated for any partial employment period. The Annual Direct Salary shall be reviewed by the Board of Directors on each anniversary of this Agreement and shall be adjusted in accordance with the prevailing market value of the position and the current pay increase practice practices of the Bank. In no event shall the Annual Direct Salary be decreased. These Amendments supercede any and all Amendments, either oral or in writing, between the parties with respect to Subparagraphs 1 and 4(a) of the Agreement. This Amendment and the Agreement contain all of the covenants and agreements between the parties with respect to the employment of the Executive by the Corporation and the Bank. All of the remaining recitals and paragraphs of the Agreement are hereby reaffirmed, reratified, and reapproved by the parties hereto.